Regulator: CySEC, FCA
Platform: IQ Option
Payment Method: Credit/Debit Cards, Skrill, Neteller, Giropay, Sofort
High average payout
Not the best customer support
IQ Option Review
IQ Option used to be one of the staples of the binary option trading industry. Always striving to stay on the cutting edge, it was the first binary option brokerage to make it possible for its clients to build and even monetize their own trading bots. Although their bot builder looked solid, it ended up dismantled, as the reputation of the operator headed downhill too. The deposit and trading conditions represented the other cornerstone of IQ Option’s popularity back in those days, and – unlike the above mentioned bot-builder – this part of the setup was successfully carried through to this day.
If we were to pinpoint THE most important strength the current day IQ Option possesses in terms of attractiveness, it would have to be the outstanding trading conditions (deposits, spreads and payouts).
IQ Option was one of the most attractive binary option destinations on account of its outstanding platform too. It has to be said though that while the trading platform is still attractive to this day, it has somewhat fallen behind in regards to the demands that IQ Option’s new product selection has imposed on the operation.
To simply say that IQ Option is popular these days, is not exactly an accurate depiction of the situation. While in 2014, there were some 950,000 IQ Option client accounts, and in 2015, some 3.5 million of them, these days, there are no fewer than 14 million such accounts. The trading volumes have increased at a rather similar pace. While in 2014, the monthly trading volume barely hit the $10 million mark, by 2016, more than $11 billion changed hands at the brokerage every month. Withdrawals have passed the $5.7 million milestone in 2016 too.
The geographical coverage of the operation is also a good illustration of its massive expansion. From a handful of countries in the beginning, IQ Option is present in some 178 countries these days. The affiliate partnership program of the brokerage has ballooned to over 43,000 members in the meanwhile, followed by a proportional rise in affiliate profits.
IQ Option Products
The product selection of the brokerage went through a few major transformations over the last few years. Having started off binary options, the operator added square Forex trading, stocks, ETFs and crypto currencies. Of these, cryptos arguably represent the most interesting and dynamic addition.
The Forex asset selection of the brokerage includes some 22 currency pairs, from the most popular majors, right down to some exotics. Forex trading is almost as simple as binary option trading at the site: traders are required to place their trades at the current strike price, after which, they can manually close their positions when they see it fit. Stop losses and Take profits can also be set, for automatic handling of the trades.
Although the IQ Option site sort of lets on that clients can actually purchase crypto currencies there, the Crypto section of the product selection is all about CFD-based trading. Some 13 crypto currencies are supported, including bitcoin, bitcoin Cash , bitcoin Gold, Ethereum, Dash, Ripple, IOTA, Litecoin etc. All these cryptos are paired with the USD on the platform, and no, traders will not actually gain possession of these digital assets.
The CFD section of the asset selection is where various other crypto/crypto pairings are available. There is a LTC/BTC and an ETH/BTC pair available here, together with four more tradable assets.
The Digital Option selection offers dynamic profitability. The gains here can be as high as 900%, though the risks are increased as well. This section offers a total of 9 tradable assets.
The Options section is where the site’s “classic” binary options are available. Some 23 assets can be traded here through this financial instrument. Most of them are currency pairs, but there are some stocks and indices mixed in as well. The profitability on these options can be as high as 95%, though in practice, it is closer to the 87-90% mark.
IQ Option Platform
As said, the IQ Option platform is a proprietary one. Made in-house, it lacks advanced analysis tools such as the ones provided by industry staples, like MT4. There is no automated trading available at IQ Option either, save for the above mentioned stop loss and take profit options, which lend one a hand in regards to the automated closing of positions. Another problem some may take issue with is a slight delay when opening a position, a problem which may indeed affect strike price. What’s worse is that this slight delay is present on the web-based as well as the downloadable platform. The downloadable platform version is in essence a copy of the web-based one.
Other than that, the IQ Option trading platform is a very handy and straightforward solution.
Adding and removing tradable assets is as simple as clicking a button. Trading is possible directly from the chart. Several charts belonging to several assets can be displayed at the same time, and customizing the trading interface is just as simple as actually opening a position. Trading directly off the chart is possible when there are a maximum of 9 charts displayed too.
The Open Positions section offers traders a quick sort of overview of the positions they have active, while the Trading History section gives everyone the chance to pore over his/her past trades, to identify mistakes and to hopefully learn from them.
IQ Option offer an OTN token-based promotion too, which is essentially meant to reward loyalty and trading volume. Every week, traders who make at least one commission-based trade involving a crypto asset, become eligible to receive some OTN tokens. These tokens are distributed according to a preset algorithm. Obviously, the more one trades, the more tokens he/she will be awarded. These tokens can be used to reduce commissions, thus further sweetening the already attractive trading conditions.
IQ Option Support
IQ Option are very proud of their live chat support, which is said to feature average waiting times of just 45 seconds these days. The support ticket system has been sped up quite a bit lately too. These days, it only takes the support staff an average of 24 minutes to sort out such ticket-based support requests.
The official support email of the operation is firstname.lastname@example.org. The customer team can be contacted 24/7 and there are scores of national/local toll-free telephone numbers available for live support.
IQ Option Regulation
IQ Option are regulated by CySEC. They possess license #247/14. The CySEC license makes the operation MiFID-compliant, which means that they are quite free to peddle their financial services all over the EEA (European Economic Area). IQ Option are also registered with a number of national European regulators, such a Germany’s BaFin, Italy’s Consob and the UK’s FCA.
IQ Option is currently – without a doubt – one of the top trading destinations again. The brokerage may not be a frontrunner of the Forex industry, but it is certainly aiming to become one in regards to crypto-based CFDs. Its product selection expanded and its trading platform overhauled, IQ Option is radically different from the binary option-focused brokerage it was just a couple of years ago.
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